SHA:600452 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	393.27	514.46	525.35	612.65	505.86
Depreciation & Amortization	690.21	805.58	1,011	1,062	1,027
Other Amortization	1.65	0.27	0.35	0.83	1.91
Loss (Gain) on Sale of Assets	0.01	-0.39	-	-0.03	-
Loss (Gain) on Sale of Investments	-4.6	-4.55	-3.38	-10.67	-27.78
Asset Writedown	-2.16	-3.15	0.56	3.58	-1.05
Change in Accounts Receivable	-92.83	371.57	-22.6	-325.09	-198.76
Change in Inventory	0	-0.24	-0.01	0.01	-0.79
Change in Accounts Payable	-94.27	-44.87	-390.18	264.17	27.51
Other Operating Activities	0.95	0.85	4.93	10.98	45.52
Operating Cash Flow	929.04	1,590	1,129	1,633	1,403
Operating Cash Flow Growth	-41.57%	40.83%	-30.87%	16.38%	24.96%
Capital Expenditures	-587.66	-875.22	-603.54	-473.79	-1,754
Sale of Property, Plant & Equipment	7.76	5.35	3.19	4.15	3.03
Investment in Securities	-695.52	-1,695	-	22.13	10.5
Investing Cash Flow	-1,275	-2,565	-600.34	-447.52	-1,741
Short-Term Debt Issued	-	-	-	380	1,093
Total Debt Issued	-	-	-	380	1,093
Short-Term Debt Repaid	-	-	-	-380	-1,896
Long-Term Debt Repaid	-13.33	-13.92	-296.94	-23.03	-5.17
Total Debt Repaid	-13.33	-13.92	-296.94	-403.03	-1,901
Net Debt Issued (Repaid)	-13.33	-13.92	-296.94	-23.03	-807.67
Issuance of Common Stock	-	-	-	-	1,770
Common Dividends Paid	-138.29	-235.97	-169.32	-131.55	-96.59
Other Financing Activities	-	-	-1.06	-1.48	-45.52
Financing Cash Flow	-151.62	-249.89	-467.33	-156.05	820.04
Net Cash Flow	-498	-1,225	61.32	1,030	482.46
Free Cash Flow	341.38	714.78	525.45	1,159	-351.1
Free Cash Flow Growth	-52.24%	36.03%	-54.67%	-	-
Free Cash Flow Margin	11.39%	22.93%	15.26%	32.55%	-11.16%
Free Cash Flow Per Share	0.23	0.46	0.34	0.76	-0.23
Cash Interest Paid	-	-	-	-	45.52
Cash Income Tax Paid	174.38	133.1	178.99	114.89	-15.67
Levered Free Cash Flow	-106.37	112.82	316.9	916.08	-1,729
Unlevered Free Cash Flow	-105.78	113.33	319.98	922.95	-1,701
Change in Working Capital	-193.29	328.55	-424.16	-74.05	-183.15

Source: S&P Global Market Intelligence. Utility template. Financial Sources.